Danantara Explains Appointment of Foreign Nationals as Garuda Indonesia Directors

5 hours ago 4

October 16, 2025 | 04:43 pm

TEMPO.CO, Jakarta - Chief Investment Officer Danantara Indonesia Pandu Sjahrir reveals the reasons behind the appointment of two foreign nationals as directors of PT Garuda Indonesia Tbk (GIAA). The two individuals are Balagopal Kunduvara, Director of Finance and Risk Management, and Neil Raymond Nills, Director of Transformation.

Pandu stated that Danantara's goal is to introduce a new paradigm that will enable state-owned enterprises (SOEs) to compete globally. He cited that several foreign airlines have directors who are foreigners, such as Emirates and Air New Zealand.

"Air New Zealand, you may not have heard of, but its net profit, if we talk about revenue, is twice that of Garuda. Perhaps it can be said that the majority of them are also foreigners, not New Zealanders," Pandu said during the One Year of the Prabowo-Gibran Government event at Hotel JS Luwansa, Jakarta, on Thursday, October 16, 2025.

According to Pandu, in the first eight months following its establishment, Danantara focused on human resource development. Subsequently, Danantara shifted its focus to establishing structure and organization. Then, over the next two years, Danantara will focus on forming partnerships to attract investments.

The decision to appoint two foreign nationals to the Garuda Indonesia board was made during the Extraordinary General Meeting of Shareholders (RUPSLB) on Wednesday, October 15, 2025. During the RUPSLB, Glenny Kairupan was appointed as the President Director, replacing Wamildan Tsani.

The previous management stated that the proposal to change the company's management came from the Ministry of SOE as the holder of Series A Dwiwarna shares, as stated in Letter Number: SR-500/MBU/09/2025, dated September 22, 2025. "This agenda must be decided in the RUPS," the Garuda Indonesia management said in a disclosure of information.

Garuda Indonesia's financial report, published on the Indonesia Stock Exchange on Tuesday, September 23, 2025, recorded a decrease in revenue from Rp26.6 trillion to Rp24.9 trillion during the January-June 2025 period. Revenue came from scheduled flights (Rp19.9 trillion), unscheduled flights (Rp3.4 trillion), and other sources (Rp2.6 trillion). Additionally, Garuda Indonesia reported liabilities totaling Rp133.2 trillion and equity amounting to Rp23.3 billion. Total assets as of June 30, 2025, were recorded at Rp108.2 trillion, down from Rp109.9 trillion in the same period last year.

Adil Al Hasan contributed to the writing of this article

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